Advanced Cell Technology, Inc. (ACTC) Continues Clinical Trials; Receives $35 Million Funding Commitment
Advanced Cell Technology, a leader in the field of regenerative medicine, recently announced treatment of the fourth patient, the first in the second patient cohort, in its European clinical trial for Stargardt’s Macular Dystrophy (SMD). The patient was injected with 100,000 human embryonic stem cell-derived retinal pigment epithelial (RPE) cells, as compared with 50,000 cells in the three patients comprising the first cohort. The outpatient transplantation surgery was performed successfully and the patient is recovering uneventfully.
“Our progress continues in our European clinical trial and both our trials in the U.S., as seen most recently with last week’s announcement of treatment of the second patient in the second patient cohort of our U.S. trial for SMD,” said Gary Rabin, chairman and CEO of ACTC. “As I mentioned last week, we have mapped out the series of patients to complete the second cohort of both our trials for SMD, as well as for our trial for dry age-related macular degeneration (dry AMD), pending DSMB review, and we anticipate generating patient data at a faster pace.”
ACTC, known as a biotechnology company that specializes in the development of cellular therapies for the treatment of diseases and conditions that impact tens of millions of people worldwide, is excited about the trial’s progress. Having only been initiated in January, the Phase I/II trial is designed to determine the safety and tolerability of hESC-derived RPE cells following sub-retinal transplantation in patients with SMD at 12 months, the study’s primary endpoint.
ACTC also recently announced that it had entered into a $35 million common stock purchase agreement with Lincoln Park Capital Fund, LLC, a Chicago-based institutional investor. Proceeds from this transaction will be used to fund the company’s clinical activities, including its three ongoing Phase I/II clinical trials for forms of macular degeneration, for development of its other clinical activities, and for general corporate purposes.
“We are most pleased about this financing agreement, as it has a number of notable benefits for the company,” commented Gary Rabin, chairman and CEO of ACTC. “Lincoln Park Capital is an excellent partner for us with a great track record and a long-term commitment to the life sciences field. This transaction offers the Company a very cost efficient and readily available form of financing. The $35 million available under the agreement equates to more than two years of funding for the Company, even assuming no other sources of capital. It was a priority for us to complete a new financing by year-end, as we never again want to be in a position to have to go looking for capital from a position of distress or weakness. This agreement strengthens our balance sheet allowing us to focus on advancing our clinical programs, pursuing strategic partnerships, and other long-term objectives.”
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